JobsOhio Revitalization Program: Loan & Grant Fund

JobsOhio

Summary:

The JobsOhio Revitalization Program is designed to support the acceleration of redeveloping sites in Ohio. Primary focus will be placed on projects where the cost of redevelopment and remediation is more than the value of the land and a site cannot be competitively developed in the current marketplace. Priority will be given to job creation and retention projects within JobsOhio targeted industry sectors, those making additional capital investment beyond remediation and redevelopment and/or projects with wages higher than the average local wage rate.

JobsOhio Revitalization Loans are available from $500,000-$5 million and finance between 20% and 75% of eligible costs. They typically have a term between 10 and 15 years. Payment of principal and interest will begin when the certificate of occupancy is issued or when the revitalization is estimated for completion, not to exceed 5 years.

JobsOhio Revitalization Grants are available up to $1 million. Grants are typically oupled with Revitalization Loans and provided to fill funding gaps where remediation costs exceed the anticipated net gain in land and improvement value, making successful redevelopment unfeasible. Funds are available only to projects where job creation will begin within a negotiated period not to exceed 5 years.

Eligible Recipients:

For-Profit Business; Local Government; Non-Profit Organization

Eligible Recipients Detail:

Business, non-profits or local governments where the entity committing the jobs has signed an agreement such as a letter of intent, option, lease or holds title for the project site and has a specific business plan, financing plan and schedule for redevelopment and job creation to occur.

Eligible Purpose:

Last Mile Connectivity; Building Connectivity; General Infrastructure (Attached to Job Creation); Anchor Institution Connectivity

Eligible Purpose Detail:

Revitalization projects typically retain and/or create at least 20 jobs at a wage rate commensurate with the local market. An eligible site is an abandoned or under-utilized contiguous property where redevelopment for the immediate and primary purpose of job creation and retention are challenged by significant redevelopment constraints.

Eligible Costs include:

Demolition; Environmental Remediation; Building Renovation; Asbestors and lead paint abatement; Removal and disposal of universal and construction waste; Site preparation; Infrastructure; Environmental testing and lab fees

Funding Match/Terms:

Loans are subject to commitment and servicing fees and a fixed interest rate is determined at closing.